How to maximise a $1 million inheritance

Hi all, sorry if posted in the wrong place but im new and had no idea where to ask this.
This is a serious question. Im in the process of inheriting a share in my great uncles estate worth aprox 1 mill. To be honest I know in today's day and age 1 mill probably isn't enough to retire and live a cushy life at such a young age. So my question is, how can I turn my 1 million into say 20? My brother is interested in Angel investing but I'm not so sure.
Again sorry if this is an inappropriate forum topic.

Angel investing is a pretty risky game to get in to with little experience. Sure, you have potential to get high returns quickly but there is a very real risk that you could lose most or all of your money (especially if you don't understand business - entrepreneurs can have some pretty enticing sales pitches!).

Like any good portfolio you should diversify risk - so it doesn't completely rule out that kind of investing but it should make you think about whether the amount risked is proportionate to your overall strategy.

If it was me, I'd set up a portfolio that is heavy in shares and bonds and consider leveraging it to get more exposure and increased gains. It is not unrealistic to expect 10 - 15% growth p/a.

It mightn't get you 20 million next year but given enough time the compound interest will grow it rapidly.

Last thing I would say as well is - don't listen to your brother's advice.

First, there's no such thing as "angel investing". Investing is entrusting money to someone to make a return. Charity is giving money with no expectation of return. Angel Investing is an attempt to make the investee think you care about their welfare more than your own, and to make the investor appear like a philanthropist. Angel investing is a muddy crock.

Second, as others have said, park your mil in an ETF or one of the big LICs (dollar-cost-averaging in), reinvest your dividends, then forget it ever existed and get back to work in your chosen career. Work your arse off and enjoy life, spending what you earn (but no more). Check back on your ETF/LICs 10 or 20 years from now, and be delighted.

A mil (invested with an ETF/LIC) might earn you $50k per year gross, immune to inflation, for ever and ever amen. Not enough to live well on. Reinvest your divs and work hard at your chosen career for a couple of decades, and your mil will be $8m and earning you $400k per year gross, life will be good, and you'll feel like you've achieved something. (Then give money to charity).

one importat factor is time,
2015 or even 2016 is not ideal to maximize growth , but neither is it ideal to invest in property nor even leave in a bank as a term deposit or invest in bonds .

however there are always opportunities for those willing to wait and look .

you have probably made your moves by now , but others will be recently arrived in a similar situation

so late suggestions would be
1. find a bank that will let you park that cash 'at no fixed term ' but still pay you some ( taxable) interest
my solution was a 'savings account ' that pays monthly interest on daily balances , but only requires $1 minimum investment .
obviously this is so useful i use it for 'short-term parking of divs as well .

2. decide where you are going in life ( that is never easy , so make a couple of plans , say including a possible family and a plan for no family ) , examine your HECS debt ( if you have one ) is it worth while paying that out in one go , or can you make slowly paying it on work better .

3. property , you don't always have to spend a lot to buy some property ( but it won't be a flashy property in a hot suburb )

what about an investment property in a mining( virtual ) ghost town , the property is liable to be a rough diamond but there is no mining boom either so you can take a bit of time doing any repairs .

LICs and ETFs have their place but you could put in comparatively small amounts on money into them as opportunities arise ( $1,000 in some will help educate you but also build an asset base if you use the DRP and use the franking credits to reduce your tax liabilties